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I don't have an undeposited funds account. Why would an undeposited fund account be used or for what?
I'll share additional information about the Undeposited Funds account, armi777.
It is a holding account that tracks payments received from customers that haven't been deposited to your bank account yet.
If you select the clearing account from the Deposit to dropdown, you no longer need to make a deposit.
Check out these articles for more details:
Please know that you can always reply to us again if you have other questions. We'll make sure to sort out everything.
Hi, I have Quick books online and we have a joint check clearing account set up to pay our supplier bills, (even though we never deposit the money) How do you reconcile that account? the " money" is just sitting there.
Hello there, @Brashear Construction.
I'll gladly guide you in reconciling your joint check-clearing account to make sure your financial data is accurate in QuickBooks Online (QBO).
When you're unable to transfer funds directly, you can use a clearing account to move money from one account to the other. Since it has money in it and you want to reconcile it, you'll have to compare each transaction in your bank statement with the ones entered into QuickBooks.
Before doing so, I'd encourage you to consult your accountant. They can provide expert advice tailored to your business needs. Whenever you're ready to start your reconciliation, perform the following steps below:
After performing the steps above, compare the transactions on your statement with what's in QuickBooks. For the step-by-step guide, please see this article: Reconcile an account in QuickBooks Online.
Also, I encourage you to reconcile your accounts in QBO regularly (every month). This helps monitor your income and expense transactions and detect possible errors accordingly. You may want to check out this article as your reference to guide you in doing and fixing reconciliations in QBO: Learn the reconcile workflow in QuickBooks.
Please let me know in the comments if you have other reconciliation concerns or questions about managing transactions in QBO. I'll gladly help. Take care always, @Brashear Construction.
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